Powers & Duties

The Board shall:

Hold meetings, keep records
Adopt investment policies for each fund
Determine appropriate investment objectives fordefined benefit plans
Assist in prescribing policies for proper operation of systems
Provide range of investment options for SBS, defined contribution for PERS and TRS, and deferred comp
Establish rate of interest annually credited to each member’s account and rate of interest to health reimbursement arrangement plan account
Adopt contribution surcharge as necessary under 39.35.160(c)
Coordinate with administrator for annual actuarial valuation to determine system assets/liabilities, funding ratios, and to certify to employers an appropriate contribution for normal costs and appropriate contribution for past service liability
Review actuarial assumptions prepared and certified not less than every 4 years
Review health cost assumptions annually
Have all actuarial assumptions reviewed and certified by second actuary before presentation to board
Contract for independent audit of state’s actuary every four years
Contract for independent audit of performance consultant every four years
Obtain external performance review to evaluate investment policies and report to fund fiduciary
Report to governor, legislature, individual employers, LB&A by first day of each legislative session
Develop annual operating budget

Employ outside investment advisors to review investment policies
Enter into an agreement with the fiduciary of another state fund in order to assume the management and investment of those assets
Contract for other services necessary to execute the board’s powers and duties
Enter into confidentiality agreements that would exempt records from AS 40.25.110 and 40.25.120 if the records contain information affecting value of investment or impair ability of board to acquire, maintain or dispose of investments
The Board may appoint an investment advisory council composed of at least three and not more than five members